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6 Steps to Effective Management During Change
Take the pain out of gain and decrease the upheaval surrounding change by following six commonsense steps to effective management.
Step 1: Establish Objectives
The process must begin with a clear and detailed statement of objectives and...
BENCHMARKING AND IMPROVING MANAGEMENT QUALITY
Summary By defining Management Quality as an organizational concept and applying established Quality methodology to the area of management, a great potential for improvement becomes apparent. This improvement translates directly to business results...
Bottleneck-oriented Business Management
Article Title: Bottleneck-oriented Business Management Author: Stephan Szugat Word Count: 1,176 Article URL: http://www.abenetis.com/encyclopedia.html Format: 65 Characters per Line ------------------ ARTICLE START ------------------...
From Bandwidth Management to Bandwidth Governance
Businesses today are highly dependent on distributed
applications to support every aspect of operations. If these
applications under-perform for remote users or fail, losses of
productivity, revenue and opportunity inevitably result. It is
thus...
Quality Management: Organizational Needs
Any business out there can benefit from quality management.
Whether you are producing thumb tacks or if you are producing IT
equipment, there is little doubt that they need to be of the
highest levels of quality. Yet, as your business grows, you...
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The Management Team Section of Your Business Plan
Even the best new concept or existing plan will fail if executed poorly. The Management Team section of the business plan must prove to the investor why the key company personnel are "eminently qualified" to execute on the business model.
The Management Team section should include biographies of key team members and detail their responsibilities. It is important that these biographies are not merely resumes that include the educational backgrounds and previous job titles and responsibilities of the team members. Rather, biographies should highlight the most relevant past positions that the individuals have held and specific successes in each. These successes could include launching and growing new businesses or managing divisions of established companies.
Team member biographies should be tailored to the company's growth stage. For instance, a start-up company should emphasize its management's success launching and growing companies. A more mature company should emphasize how team members have successfully operated within the framework of larger enterprises.
Depending upon the stage of the company, key functional areas may be missing from the team. This is acceptable provided that the plan clearly defines the roles that these individuals will play and identifies the key characteristics of the individuals that will be hired. However, it is generally not favorable if personnel are missing for ultra-critical roles. For example, a plan that
is fundamentally a marketing play should not seek financing without a stellar marketing team.
The Management Team section should also include biographies of the company's Advisory Board and/or Board of Directors. While having well-known advisors/board members adds credibility to the business plan, it is highly effective to explain how these advisors will directly impact the company through strategic advice and/or providing conduits to key clients, partners, suppliers, etc.
In summary, the Management Team section of the business plan is an opportunity to prove to investors that your company has the necessary talent to succeed. Rather than waste this opportunity by merely showing employee resumes, which could be included in the Appendix, the section should be used to explain precisely how the team is uniquely qualified to execute the venture in its present state.
Please visit http://www.growthink.com/businessplan for a free copy of the 2005 Business Plan Guide.
About the Author
As President of Growthink Business Plans, Dave Lavinsky has helped the company become one of the premier business plan development firms. Since its inception, Growthink has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share.
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